It is Experience

(from SMB Capital Blog)
There is no substitute for experience. As you gain experience you will leave poor risk/reward trades alone. In the past you may have been tempted to jump into certain poor risk/reward set ups but with experience you will not. You will also understand your strengths better. You will learn how you make your money. You will learn what set ups are best for you. You will identify when to sink your teeth into a position. And you will search for more of these set ups.
Trading is just a game of math. There are set ups that work best for you. There are set ups that should be avoided based upon your trading style. And experience teaches you what will work. The good trader exploits these set ups and leaves the others alone. So if in the past twenty percent of your trades were made in poor risk/reward setups then when you gain experience only one percent will include poor risk/reward opportunities. This completely changes your trading results.
Be Like a Tiger
Tiger Woods is the world’s best Golfer, probably.
Many talk about wanting to be great traders. And many wish to be a great golfer like Tiger. Wouldn’t that be cool? You would have a private jet, a supermodel wife, all the money in the world, and access to anything you desired. But seriously, how many are willing to pay the price that Tiger does for success?
Do not make the mistake that good golf comes easily, He has practiced the winning shots a few hundred times a week. And that is how he does it.
“Tiger Day”
6 a.m. – lift weights for 90 minutes
7:30 a.m. – breakfast
9-11 a.m. – hit balls on practice range
11-11:30 a.m. – golf practice
11:30 a.m.-12:30 p.m. – play 9 holes
12:30-1 p.m. – lunch
1-3 p.m. – hit balls on practice range
3-4 p.m. – work on short game
4-5 p.m. – play 9 holes
5-5:30 p.m. – hit balls on practice range
5:30-6 p.m. – golf practice